Manelis Michael L 4

What Happened
Michael L. Manelis, Executive Vice President & Chief Operating Officer of Equity Residential (EQR), disposed of 2,429 shares on 2026-02-18 at $63.56 per share, generating proceeds of $154,387. The filing indicates the sale was to satisfy tax withholding obligations arising from the vesting of restricted shares (Footnote F1).

Key Details

• Transaction date & price: 2026-02-18 — 2,429 shares sold at $63.56 each (total $154,387).
• Transaction type: Sale (open market or private sale; code S).
• Reason per filing: Sale to pay tax liability on vesting restricted shares (F1).
• Holdings after transaction: Not specified in the provided excerpt; filing notes reported totals include restricted shares scheduled to vest (F2) and shares held in the SERP trust for the reporting person (F3).
• Filing timing: Reported on 2026-02-19 for a 2026-02-18 transaction; no late filing indicated in the provided data.

Context
Sales to cover taxes on vested restricted stock are common and typically routine, rather than a direct signal about the insider’s view of the company. Retail investors often place more weight on open-market purchases than on tax-related disposals.